Bill > S01843

This bill provides a tax credit for residential property owners who install fire sprinkler systems. The credit is equal to 25% of the cost of the labor and materials needed for the installation, up to a maximum of $5,000 per year. The credit is only available for residential properties in municipalities that do not already require fire sprinkler systems to be installed. If the credit exceeds the taxpayer's tax liability for the year, the excess will be treated as an overpayment to be credited or refunded, though no interest will be paid. The bill takes effect immediately and applies to taxable years beginning on or after January 1, 2023.